Upstream | January 26, 2012 | 16 comments

Senate to Vote on Bill Banning Congressional Insider Trading

source: http://www.huffingtonpost.com/2012/01/26/stock-act-insider-trading-bill-senate_n_1234067.html

Image
jeffissleeping
WASHINGTON -- A Senate bill banning the trading of corporate stocks by members of Congress based on nonpublic political information will see a vote next week, according to Democratic sources working on the bill.

"It'll be on the floor next week, either hotlined or an actual vote," one source said of the bill, known as the STOCK Act. Hotlining refers to the process of moving a bill through by unanimous consent.

A separate Democratic aide said that negotiations over amendments were still ongoing, which would make hotlining more difficult. A Democratic leadership aide, meanwhile, would only say that a vote was "possible."

The STOCK Act, authored by Sens. Kirsten Gillibrand (D-N.Y.) and Scott Brown (R-Mass.), would ban trading by members of Congress guided by nonpublic economic or political information. It would also improve disclosures of all stock trades and other financial maneuvers by members of Congress, by requiring them to publicly detail each transaction within 30 days. Lawmakers are currently granted a full year of secrecy before disclosing such financial activities.

The bill received a big boost on Tuesday when President Barack Obama called for its enactment during the State of the Union address.

"Send me a bill that bans insider trading by members of Congress; I will sign it tomorrow," Obama said.

http://www.huffingtonpost.com/2012/01/26/stock-act-insider-trading-bill-senate_n...
  1. groups:
    Community,   News and Politics,   Politics,   Current Tonight,   8 more
  2. tags:
    News,  News and Politics,  Obama,  Congress,  2 more
  3.     
    |

16 comments // Senate to Vote on Bill Banning Congressional Insider Trading

more from Upstream:
from the community

top videos